Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1887-09-08
THE WHEAT COLLAPSE.

AT the timc OF the furry in the mar.
kct, some few weeks ago. when wheat,
after reaching So Is per Genital, dropped
TO $l.7O or thereabou's, it was stated
that Dresbach and those who had fol-
lowed his fortunes had arranged CON-
promise, BY means OF which pric' were
to be sealed and time for carr ing out
contracts extended : and it was caimed
that in this way the Dresback clique
would be enable to tide over matters,
although necessarily at a loss. But
recent developments show that such "a
hope was in vain, and that the rapid fall
in tie price of wheat has entirely upset
the calculations Of the bulls, and
has d, stroyed all the possibility of ex-
tricatlon from the financial troubles.
The situation, Invested of all call
board technicali,ies aud stated in plain
English, is this: Dlcsbach and others
have agreed to pay Tor vast quantities of
wheat, on It's delivery, at prices ranging
from 81 80 to 81 Is per GENITAL
Wheat is now selling in this market at
from 81 20 to 81 Is per GENITAL and in
the Liverpool market at about 81 So
per GENITAL. Consequently Dresbach fac
ton must lose from TO to 80 cents per
GENITAL in the San Francisco market, and
even more iu the Liverpool market, after
dcducting all expenses Of shipment
Under such conditions there would seem
to be no refuge but bankruptcy.
But it is known that there are money
Ell men behind Diesbach aud II senfeld
who arc we'll able to meet these contracts,
even though such action should involve a
loss of several million dollars. These
two brokers' are mere figure. heads for
two Of the wealthicst men On the Pacific
coast. Their actual position in this
wheat deal has been that of agents for
several carefully concealed principals,
who have furnished the money for the
campai without openly appearing
These secret principles should be dis
closed and made to resume the responsi
bility which belongs to them. A. ORES
ba h and Rosenfeld were only figure
heads, the people with whom they have
dealt, and whose accounts they propose
to balance by petition in insolvency.
are entitled to know, both in law and 10
equity, with whom they have actually
been dealing and to whom they may
look for their money. II one or more
rich men are directly, though covertly,
interested 10 these Dresback contracts,
it will not do to open the meshcs Of the
law 80 wide as to let them slip through
The creditors of Dresbach aud Resented
will hardly b. aisfied with u dividend
Of nothing On the dollar ut the end Of
long insolvency proceeding, while the
real parties to the contract escape their
liability without paying anything, having
at the same time abundant means to
carry out their contracts or to respond in
damages for breach of such contracts.
Leaving rank perjury aside, which
cannot be presumed against any one,
there are ample legal means for ascer
tanning the relations between Dresbach
and Resented and anybody who may be
behind them; and if the creditors have
reason to believe that there are those
who are really the principles in this
matter, they should, and probably will.
take active measures to find out and
compel them to carry out the bargains
which their agents have made Tor them
A bird that can sing and will not sing
must be made to sing, even il every note
custs small fortune, and il the result
shall be a scattering abroad of much Of
that money which has been garnered
from the folly and credulity of the people
Of California and Nevada no one will b.
sorry.-S. r. Chronicle, Aug. 20.